In this edition:
- Niagara home sales up over 31% as policies give homebuyers confidence
- Montreal port strike ends, potential for further strikes remain
- Niagara’s regional councillors compromise on housing incentive time frame
- 58-storey twin-tower complex planned for Oakes Hotel property in Niagara Falls
- Doug Ford raising speed limit to 110 km/h on all 400-series highways ‘where safe’
- Nearly one-third of Niagara condos owned by investors: Statistics Canada
- Higher interest rates resulted in 30,000 fewer housing starts last year: CMHC
- Focus on Retail
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Photo credit: Jaruwan photo / Adobe Stock
Niagara home sales up over 31% as interest rates and lending policies give homebuyers confidence
Residential home sales activity recorded through the MLS® for the Niagara Association of REALTORS® (NAR) totalled 488 units in September 2024, compared to 372 in September 2023.
“Lowering interest rates, mortgage rule changes and some good local housing policies have given the consumers confidence in the market again and that is evident in the 30% increase we saw in sales compared to September 2023,” said Niagara Association of REALTORS® President Nathan Morrissette. “But we still require government on all levels to work together to continue to provide strong housing policies to make Niagara an attainable place for families to achieve the dream of home ownership.”
Photo credit: Guy / Adobe Stock
Montreal port strike ends, potential for further strikes remain
The union representing Montreal dockworkers has ended a three-day strike at two terminals as scheduled, but there’s potential for more job action in the coming weeks.
The Maritime Employers Association confirmed the work stoppage came to an end at 7 a.m. at the Viau and Maisonneuve terminals, which handle more than 40 per cent of container traffic at the country’s second-largest port.
Photo credit: Regional Municipality of Niagara / YouTube screenshot
Niagara’s regional councillors compromise on housing incentive time frame
If politics is the art of the possible, Niagara Region councillors who support housing development incentive programs crafted a compromise on which most could agree.
The Region will retain a series of programs aimed at building more homes, but with a shorter 18-month timeline.
Photo credit: Hennepin Realty Holdings Inc. and Hennepin’s View Inc.
A massive two-tower hotel, commercial and residential redevelopment is planned for the Oakes Hotel property on Fallsview Boulevard.
Niagara Falls city council on Tuesday approved Hennepin Realty Holdings Inc. and Hennepin’s View Inc.’s official plan and zoning bylaw amendment request to facilitate two 58-storey mixed-use towers atop a seven-storey podium with 1,140 hotel units, 126 residential units and various commercial uses.
Photo credit: Sukh / Adobe Stock
Doug Ford raising speed limit to 110 km/h on all 400-series highways ‘where it is safe to do so’
Against the backdrop of a potential spring provincial election, Ford on Wednesday said the speed limit on all 400-series highways will be raised from 100 km/h to 110 km/h “where it is safe to do so.”
Speaking to reporters at a campaign-style announcement in East York to tout construction on the Ontario Line subway, the premier said he was hitting the gas pedal to keep motorists moving.
Photo credit: alpegor / Adobe Stock
Nearly one-third of Niagara condos owned by investors: Statistics Canada
29.2% of condominium apartments in the St. Catharines-Niagara Census Metropolitan Area (CMA) are being used as investment properties by an owner who owns at least one residential property that is not used as their primary place of residence, according to a new study released today by Statistics Canada.
This is one of the lowest rates in areas included in the study and was below the provincial average of 37.8%, behind London, at 47.5%, and Kitchener-Cambridge-Waterloo, at 46.9%.
Photo credit: vadim yerofeyev / Adobe Stock
Higher interest rates resulted in 30,000 fewer housing starts last year: CMHC
A report by Canada Mortgage and Housing Corp. says higher interest rates decreased housing starts by about 30,000 units last year.
The slowdown in new construction amounted to a 10 to 15 per cent reduction in the number of new starts for the year, the national housing agency said.
Did you know?
Focus on Retail
Is European food retail strategy gaining momentum in Canada?
Through the Daily Updates, the GNCC aims to deliver important business news in a timely manner. We disseminate all news and information we feel will be important to businesses. Inclusion in the Daily Update is not an endorsement by the GNCC.
